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Step 1
Landlord. Contact a Realtor or Real estate agent locally. Have them come out to your home and give you an accurate selling price of your home. Put the house immediately on the market. If you owe more on the home than it is worth, the bank has the ability to accept a short sale offer. This simply is the bank agreeing to take less than you owe on the mortgage.
A good Realtor will negotiate a forgiveness of any amount that is a difference in between the mortgage balance and the accepted short sale amount. If this amount is not forgiven you may be held responsible for the difference. Both outcomes of a short sale with a buyer are better than no buyer at all. -
Step 2
Landlord. Contact a real estate agent that has a good track record with property management. You want to work with someone who actively already has a database of people who want to rent a home. Ask the real estate agent for the local amount of rent that is realistic. Get the market rent price.
Even if the house can be rented for $ 100 less than the amount of the mortgage, you would be out $ 1200 versus loosing the home to foreclosure. Motivated people with bad credit, may pay more than the market rent price because they may have challenges securing a rental property. They may have had to foreclose on a home, and property management companies may not want to work with them. Their employment and references may be great. Leasing your home is a good option to foreclosure. -
Step 3
Corporate Rentals. If your home is in a busy city consider renting out the home for corporate employees. A real estate agent will be able to help arrange this. A business may pay a bit more than average market rent prices, simply because it is cheaper than paying for numerous nights in hotels for employees strictly in the area for business.
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Step 4
College Students. Many adult students are not party animals. These people simply want reliable, safe, and quiet living environment. Leasing by room may provide enough to cover the mortgage and housing expenses. For example renting to four students in a four bedroom house may help you meet the mortgage.
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Step 5
Single mothers. Many single mothers need room mates, and want the security of a home. Homes with yards, fences, feel safer than apartments for many women. Many single moms do not want male room mates, but desire a safe environment for the children. You can establish that no men may reside in the home, to keep the presence of the home acceptable to all single moms that reside there. Two working mothers could more than cover the mortgage.
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Step 6
Storage. If you have an empty shed, empty garage, or even an empty bedroom charge someone to store their items. The smallest storage units can cost upwards of $80 a month.
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Step 7
Office Space. Lease the house to a several business owners. Many small business owners who work from home may need to expand, but alone can not afford office space. Fill this need by turning bedrooms into several offices to lease out. The real estate agent can take care of payments, deposits, and enforce simple rules.
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Step 8
Sell your home yourself. Start to market your home through youtube videos, ebay, and buy a website with your address, and post on websites like city data. If you do not want to hire a Realtor, give it three weeks to try to sell yourself. See if you get any offers.Show your motivation and give people a time line that you want to sell. Have an open house, write signs that ask directly for offers, and hire help when you get stuck or realize your are in over your head.
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Step 9
Offer acceptance. If you receive an offer for your home that takes care of the mortgage and real estate commissions take it. Trying to get X amount of dollars in profit when you are trying to escape foreclosure is not wise.
